This morning the COTI team along with a few other candidates presented their designs for the BOI CBDC Challenge to a panel hosted at the Tel Aviv Stock Exchange.
The Central Bank Of Israel has been exploring the use of a CBDC Digital Shekel and why this challenge has come about. The 14 finalists will do a walk through presentation and a final winner will be adjudged. What may happen is an element from one or more presentations could be adapted to form what will be the cornerstone of the BOI Digital Shekel.
COTI is the only blockchain amongst the other finalists and I would ay they have a very high chance of winning this challenge. They stand apart from the technology they have to offer being privacy through their Garbled Circuits. No one else has anything like it and privacy was stipulated by the BOI as being a crucial factor.
The transparency of blockchains has what many thought to be it's advantage, but COTI has been told otherwise by big business that it is not fit for purpose as it stands currently. Businesses do not want to disclose transaction amounts as that should be kept private and confidential between those parties involved. Certain parts of the transaction can be disclosed, but the monetary side should remain confidential.
The BOI insisted that privacy was the main perquisite of any CBDC solution and without this they would never consider the project. This may turn out to be way bigger for COTI as I am sure this type of information is being shared amongst other countries developing their own CBDC's. Encryption through the Garbled Circuit technology can be built into most use cases so at the end of the day COTI will be used in an around about way.
There is so much going on with COTI these days especially with the TestNet ongoing. At the beginning of this month we were told of a few names and certain partnerships taking place which totaled around 100. The last few days has seen over 300 new contracts deployed and loaded onto TestNet which is now sitting at over 400.
The first batch of those involved highlighted on TestNet a few weeks back.
The numbers are going to rise especially as they are busy with projects in Solana, Cosmos, ADA, Chainlink and the list goes on. COTI was invited to Devcon next month as a guest speaker discussing privacy and Web3 so there will be many more announcements of partnerships coming up. This is only getting started as developers realise what Garbled Circuits offers and how it an be integrated into their own tech. It seems everyone is going to have or be using this COTI privacy tech really soon.
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